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Caltex Reports Healthy Half Year Profits

Caltex Reports Healthy Half Year Profits
Jul 09, 2015 By Ben Visser

Caltex Australia Limited (ASX:CTX) has released it's unaudited 2015 half year profits this morning. Results show profits have more than doubled as inventories grow and the Lytton refinery performs well.

The company has reported an historic cost profit after tax of $375million including significant items, up $212million from the previous corresponding period, representing a gain of 130 per cent.  Replacement cost operating profit came in at $251million after tax, up $78million from the pcp, representing a gain of 45 per cent. The historic cost profit is up due to an inventory gain of $95million after tax and a $28 million after tax gain from the sale of surplus property in Western Australia.

Caltex has recently closed its Kurnell refinery and established the Ampol Singapore refinery as its largest source of crude and refined products.

The companies Lytton refinery reported an EBIT of $154million for 1H15, up $40million from the first half of 2014. Sales from production was slightly down when compared to 1H14 and was largely due to a major maintenance program during May and June. Caltex did however increase their refiner margin to US$15.71 per barrel from US$9.20 per barrel in 2014, and as a result profits experienced healthy growth.

Caltex has also reported a reduction in debt. As at 30 June 2015, the company’s debt was $715million, down $112miilon or 13.5 per cent when compared to first half 2014.

The Caltex share price spent most of last financial year climbing to its peak of $38.75 in early march. Investors have seen value in Caltex since late 2013 and as a result the company’s share price has followed a long term ascending channel. More recently the price consolidated and experienced somewhat of a decline. Since this morning’s positive announcement, the company’s share price has fallen around ~1.77 per cent however this may largely be due to difficult market conditions as the ASX continues to slide. 

 

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Ben Visser Author: Ben Visser Jul 09, 2015

Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.

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